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The Ministry of Corporate Affairs (“MCA”) had previously allowed companies to hold extra-ordinary general meetings (“EGMs”) and annual general meetings (“AGMs”) through video conferencing (“VC”) or other audio-visual means (“OAVMs”).
The MCA has now, vide the circulars dated 8th December 2021 further extended the period for companies to hold their EGMs and AGMs that are due in 2021 through VC and OAVMs to 30th June 2022. The EGMs and AGMs shall be conducted in accordance with the Companies Act, 2013, the rules thereunder and the existing circulars issued by the MCA.
The MCA has also clarified that the relaxation for holding of AGMs shall not be construed as an extension of time and accordingly, failure to comply with the prescribed timelines would be subject to legal action.